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Yes it is.
If it is, then you probably have a faulty adapter, or you're looking at the lens without the adapter attached to it. Without an adapter (or an FD mount rear cap) mounted to the lens, the aperture closes to what seems to be the f/7.2 position. With the lens on an adapter, the aperture blades should move completely out of the way at f/3.5 (i.e. a perfectly circular opening).